Virtú Investments Acquires Iconic Skyglass Tower in Downtown Seattle
31 Julio 2024 - 8:00PM
Virtú Investments (“Virtú”), a multifamily real estate investment
firm primarily engaged in the acquisition and management of
apartments in the western United States, today announced it has
acquired Skyglass Tower, a brand-new Class A, 338-unit, 31-story
multifamily tower located in downtown Seattle, WA.
Completed in 2024, the LEED Gold, glass-paneled high-rise in the
South Lake Union neighborhood is comprised of luxury studio and 1-3
bedroom units, three floors of underground parking, as well as
retail space at ground level. Additional features include a rooftop
green space, gym, a lobby with high-end finishes, and views of the
Space Needle.
Virtú sees the Pacific Northwest, and Seattle in particular, as
an attractive target for multifamily investment driven by the
area’s rising employment figures and high demand for luxury
apartments, coupled with property values currently well below their
peak.
“Limited high-end multifamily supply and bottoming prices in the
Seattle market makes this a great time for Virtú to invest
opportunistically in this key area of the Pacific Northwest,” said
Michael Green, CEO of Virtú Investments. “We have decades of
experience investing in multifamily buildings across market cycles,
and are eager to continue identifying investment opportunities like
these for the benefit of our stakeholders.”
Virtú acquired Skyglass Tower as a joint venture with the Real
Estate Business at Goldman Sachs Alternatives and the Virtú
Evergreen Fund, an open-end fund launched in 2015 for generational
ownership, long-term compounding, extreme tax efficiency and
flexible liquidity. The Evergreen Fund is designed to take
advantage of 1031 Exchanges within the Fund to perpetually defer
taxes on gains and cashflow.
Cushman & Wakefield’s Capital Markets team led by Marc
Renard, Sam Wayne, and Dave Karson represented the seller, Gemdale
USA, in the transaction.
Cushman & Wakefield’s Equity, Debt & Structured Finance
team of Dave Karson, Chris Moyer, Paul Roeter and Jason Blankfein
served as the exclusive advisor to the joint venture in the
procurement of acquisition financing. The loan was provided by
Corebridge.
“Skyglass attracted global investor interest including pension
funds, private equity, family offices and multifamily funds who
recognized the merits of this compelling opportunity,” said Renard.
“The depth of capital reflects investor conviction for the future
of Seattle and best-in-class developments.”
For more information about the Virtú Evergreen Fund, L.P. please
click here.
To contact Virtú’s Regional Acquisitions Director, Erik Reif,
please call (760) 929-4711.
About Virtú Investments Virtú Investments is a
multifamily real estate investment firm primarily engaged in the
acquisition and management of apartment properties in the western
United States. Since its founding in 1997, Virtú has acquired and
operated 130+ properties, totaling over $3.7B in real estate. Virtú
is focused on serving its investors with innovative tax-efficient
solutions within the multifamily investment space. Virtú maintains
a highly selective acquisitions practice and a fully integrated,
in-house property management firm. For more information please
visit https://www.virtuinvestments.com/
About Real Estate at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in
alternatives globally, with over $450 billion in assets and more
than 30 years of experience. The business invests in the full
spectrum of alternatives including private equity, growth equity,
private credit, real estate, infrastructure, hedge funds and
sustainability. Clients access these solutions through direct
strategies, customized partnerships, and open-architecture
programs. The business is driven by a focus on partnership and
shared success with its clients, seeking to deliver long-term
investment performance drawing on its global network and deep
expertise across industries and markets. The alternative
investments platform is part of Goldman Sachs Asset Management,
which delivers investment and advisory services across public and
private markets for the world’s leading institutions, financial
advisors and individuals. Goldman Sachs has over $2.8 trillion in
assets under supervision globally as of December 31, 2023.
Established in 1991, Real Estate at Goldman Sachs Alternatives is
one of the leading investors in real estate with over $60 billion
in capital invested since 2012 across the spectrum of investment
strategies from core to opportunistic and credit. The global team
invests across all sectors with deep expertise across the capital
structure, in assets ranging from single properties to large
portfolios, through senior mortgages, mezzanine debt and equity.
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Media ContactsDoug Allen / Adam DickterDukas
Linden Public Relations+1 (646) 722-6530Virtu@dlpr.com
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